As agents we really need to do protect our clients. Sure we can tell our clients to consult an attorney if they are concerned about the bank addenda, but they hear "it's no big deal just sign it" I think to protect ourselves and them we should make them consult an attorney or at least do more than sign a disclosure saying that we told them they should do it. Do you really think the form you had them sign is going to protect in court when they say you didn't tell them that the bank addenda will completely change the contract?
Considering purchasing foreclosures in Scottsdale, Arizona? Make sure you have representation. By representation I mean a buyers agent and an attorney to review the banks addenda that they will inevitably counter with. If the home you purchased was not properly foreclosed on by the lender, then one could call into question the right the bank had to actually sell you the house that they took possession of illegally. Typically, this would not be too much of a problem because the home you purchased most likely had title insurance. However, if you try to buy a similar home today, you will quickly discover that three of America’s biggest title company insurers will no longer offer title insurance on such homes! So, if you are thinking about purchasing a foreclosure property, attempt to determine which bank owns the listing and consult your title company. As the Buyer you get to choose the title company and your Realtor should be fighting for you to do just this. Yes most banks will request that you use their specified title company, but it is just a request. Make sure your agent is working for you and in your best interest. There is nothing wrong with countering the banks 12 to 40 page addendum to the purchase contract.
Don't worry, I can help you! Just give me a yell and I'll do everything I can to assist you! :)
CDPE Certified Realtor
Century 21 All Star Realtors
480 266 9796
About Curt: Curt Baumgarth is an AZ License Realtor, MAOM educated, SEVAR member, a Certified Distressed Property Expert and longtime resident of the Valley of the Sun. Curt is a former Police Officer in the valley and also has several investment properties and is more than happy to share any of his vast experiences and knowledge with you.
Are you considering a Foreclosure or Short Sale, contact Curt Baumgarth, who is a Certified Expert in Distressed Properties and can give you honest answers and guide you through the complicated procedures that it takes to SUCCESSFULLY complete such a sale or purchase.